SL Green Announces Sale of 600 Lexington Avenue for $305 Million


SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial

property owner, today announced an agreement to sell 600 Lexington

Avenue, a 36-story, 303,515 square foot Midtown Manhattan office

building, for a gross sales price of $305.0 million, or $1,005 per

square foot. This transaction is expected to close by the first quarter

of 2018, subject to customary closing conditions.

The sale is expected to generate net cash proceeds of approximately $292


SL Green’s Co-Chief Investment Officer, Isaac Zion, commented, “The sale

of 600 Lexington represents the culmination of a strategic approach that

started with a distinct business plan to make targeted capital

improvements in order to increase occupancy and improve the rent profile

of the building, and now ends with the opportunity to redeploy the net

proceeds we’ve generated into other investment prospects.” He continues,

“This transaction not only completes an exceptional investment for us,

it further demonstrates continued investor demand for East Midtown


SL Green acquired the property in May 2010 for $193 million, through a

joint venture, and subsequently took full ownership of the property in

December 2015. The property is currently 99% leased.

Darcy Stacom of CBRE represented SL Green in this transaction.

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and New York City’s largest

office landlord, is a fully integrated real estate investment trust, or

REIT, that is focused primarily on acquiring, managing and maximizing

value of Manhattan commercial properties. As of September 30, 2017, SL

Green held interests in 118 Manhattan buildings totaling 47.8 million

square feet. This included ownership interests in 27.5 million square

feet of Manhattan buildings and debt and preferred equity investments

secured by 20.3 million square feet of buildings. In addition, SL Green

held ownership interests in 27 suburban buildings totaling 4.3 million

square feet in Brooklyn, Long Island, Westchester

County, Connecticut and New Jersey. To be added to the Company’s

distribution list or to obtain the latest news releases and other

Company information, please visit our website at or

contact Investor Relations at (212) 594-2700.

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This press release includes certain statements that may be deemed to

be “forward-looking statements” within the meaning of the Private

Securities Litigation Reform Act of 1995 and are intended to be covered

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statements of historical facts, included in this press release that

address activities, events or developments that we expect, believe or

anticipate will or may occur in the future, are forward-looking

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Forward-looking statements contained in this press release are

subject to a number of risks and uncertainties, many of which are beyond

our control, that may cause our actual results, performance or

achievements to be materially different from future results, performance

or achievements expressed or implied by forward-looking statements made

by us. Factors and risks to our business that could cause actual results

to differ from those contained in the forward-looking statements are

described in our filings with the Securities and Exchange Commission. We

undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of future events, new information or



Matt DiLiberto
Chief Financial Officer

Green Realty Corp.


Source: SL Green Realty Corp.

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